Understanding Precious Metal Deposit Accounts in Turkey

Precious metals like gold, silver, and platinum are popular investment tools in Turkey. Both companies and individual investors value them as a means to preserve wealth. Investors can purchase these metals physically or use deposit accounts at banks, which allow them to invest without taking physical possession. In most cases, investors choose the cash equivalent option rather than physical delivery.

In this blog, we’ll focus on gold deposit accounts as a representative example, though the principles apply to other precious metal accounts as well. We will also explore how the taxation and regulatory changes have affected these accounts over the years.

1. Overview of Precious Metal Deposit Accounts

Key Points:

Investment Options:
- Physical Investment: Holding actual metal.
- Deposit Accounts: Buying without physical delivery.
Investor Choices:
- Request physical delivery.
- Opt for cash equivalent value.
Current Trend:
- Most investors prefer the cash equivalent method.

2. Taxation of Gold Deposit Accounts: A Brief History

Early Practice

Traditionally, the Finance Ministry treated gold deposit accounts as investments in precious metals. Banks would charge a 5% Bank and Insurance Transaction Tax (BSMV) on the profit (transaction gain) from gold sales.

The 2020 Change

May 21, 2020:
The Finance Ministry sent a letter to the Turkish Banks Association stating that gold transactions carried out without physical delivery through demand and investment accounts should be classified as foreign exchange (kambiyo) transactions.
Immediate Effects:
- Banks started applying a BSMV of 0.2% (binde 2) on the transaction amount.
- There was a temporary increase to 1% (binde 10) before reverting back to 0.2%.
Legal Challenges:
- Numerous lawsuits were filed by investors against these imposed taxes.
- In a significant decision on March 28, 2023, the Council of State cancelled the Finance Ministry’s letter, stating that there was no legal basis for changing the taxation regime through an opinion letter. The court ruled that this change violated constitutional principles such as legality, legal certainty, and clarity.

The 2025 Update

March 15, 2025:
The Official Gazette published the Presidential Decree No. 9595, which amended several rules under the "Protection of the Turkish Currency’s Value" decree.
Effective from March 17, 2025:
- Precious metal deposit account transactions without physical delivery are again considered foreign exchange transactions.
- As a result, a 0.2% BSMV applies to these transactions.
Outcome:
- The Finance Ministry successfully modified the regulatory framework after its previous legal setback.

3. Comparison Table: Tax Regimes Over Time

Period/Regulation	Classification	BSMV Rate	Notes
Before May 2020	Precious metal investment	5% on transaction profit	Traditional approach for gold deposit accounts.
May 2020 - Early 2023	Kambiyo (Foreign exchange)	0.2% (temporarily 1%)	Triggered by the Finance Ministry’s opinion letter; led to legal challenges.
Post March 2023 (After Court Decision)	Reversion to previous status	5% on transaction profit	Court cancelled the opinion letter; reverted to the former practice initially.
Effective March 17, 2025	Kambiyo (Foreign exchange)	0.2%	New regulatory changes through a Presidential Decree.

4. Bullet Points: What Investors Should Know

Investment Flexibility:
- Physical vs. deposit account investments.
- Investors can choose cash settlement over physical delivery.
Taxation Impact:
- Changes in tax classification can affect the cost of transactions.
- Keep informed about updates in regulatory frameworks.
Legal Landscape:
- Regulatory changes may be challenged in courts.
- Stay updated on any new legislation or court decisions.
Decision-Making:
- Understand how these changes can impact your investment returns.
- Consult with financial experts to navigate complex regulations.

5. Frequently Asked Questions (Q&A)

Q1: What is a precious metal deposit account?
A1: It is an account offered by banks where you can invest in metals like gold without taking physical possession. Instead, the value is maintained digitally, and you can opt for cash settlement.

Q2: Why are there different tax rates applied to these accounts?
A2: Tax rates have changed due to regulatory interpretations. Initially, gold accounts were taxed as precious metal investments (5% on transaction profits). In 2020, a shift occurred when these transactions were reclassified as foreign exchange operations, leading to a lower rate of 0.2%—though legal challenges and subsequent updates have caused fluctuations.

Q3: How do the 2025 changes affect me as an investor?
A3: From March 17, 2025, transactions in precious metal deposit accounts (including gold) without physical delivery will be taxed at a 0.2% rate. This regulatory change might lower transaction costs compared to the previous 5% BSMV on transaction profit.

6. Final Thoughts

Understanding how precious metal deposit accounts are taxed is crucial for making informed investment decisions. The evolving regulatory landscape means that staying updated on changes can help you optimize your investment strategy.

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Taxation of Gold Deposit Accounts

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Understanding Precious Metal Deposit Accounts in Turkey

1. Overview of Precious Metal Deposit Accounts

2. Taxation of Gold Deposit Accounts: A Brief History

Early Practice

The 2020 Change

The 2025 Update

3. Comparison Table: Tax Regimes Over Time

4. Bullet Points: What Investors Should Know

5. Frequently Asked Questions (Q&A)

6. Final Thoughts

Command Palette

Comments

More from this blog

Understanding Precious Metal Deposit Accounts in Turkey

1. Overview of Precious Metal Deposit Accounts

2. Taxation of Gold Deposit Accounts: A Brief History

Early Practice

The 2020 Change

The 2025 Update

3. Comparison Table: Tax Regimes Over Time

4. Bullet Points: What Investors Should Know

5. Frequently Asked Questions (Q&A)

6. Final Thoughts